Last night’s vote by the Senate to end the debate on S. 3217, Restoring American Financial Stability, failed 57-42 with two majority party senators voting no; we'll be following the proceedings as events warrant on Sunlight Live.
Senate Majority Leader Harry Reid, D-Nev, planned to end the debate yesterday, preventing any more amendments from being added to the bill, and moving forward with final debate and a vote on the bill itself. Reid will instead have to attempt cloture once again--most likely later today.
Among the Democrats who dissented were Sen. Maria Cantwell, D-Wash., and Sen. Russ Feingold ...
Starting at at 2pm ET today, Sunlight is going to be covering the endgame of the financial reform in the Senate with our pretty-awesome-if-we-do-say-so-ourselves Sunlight Live platform.Continue reading
Multiple stories point to a huge lobbying effort on the part of the financial industry as the Senate debates reform... View ArticleContinue reading
Sen. Richard Shelby, R-Ala, doesn't believe the financial reform bill the Senate began debating today will actually regulate the large
financial organizations whose risky actions threatened the entire economy in 2008. Instead, the ranking member of the Senate Banking Committee sees the bill as something that will further institutionalize bank bailouts in the future.
Shelby noted that many large financial firms -- like Goldman Sachs and Citigroup -- have expressed support for the legislation. “(Large financial firms) know that the bill will bring them and Wall Street firms like them under the Federal safety net where they will get preferential treatment ...
Concerned about seeing their huge profits cut, six big banks are leading the charge to weaken or block new financial... View ArticleContinue reading
Despite the fall-out from the Cornhusker Kickback in the health care reform debate, Sen. Ben Nelson is, at best, creating... View ArticleContinue reading
The financial reform legislation regarding derivatives voted 13-8 out of the Senate Agriculture Committee this morning and on to the Senate floor. It’s intended to fend off any future government bailouts and prohibit the risky behavior banks participate in that caused the 2008 financial meltdown. But of course, the very organizations that these new laws will affect are using their money and expertise to influence the lawmakers in charge of making reform happen.
The proposed bill, introduced by Sen. Blanche Lincoln, D-Ark., is planned to be folded into the bill Sen. Chris Dodd, D-Conn., proposed this week on financial ...
The Senate Agriculture Committee will take up a bill to regulate trading in derivatives in a markup today. The committee... View ArticleContinue reading
The final piece of the financial regulatory reform puzzle is about to come into place as Sen. Blanche Lincoln released... View ArticleContinue reading